The board is expected this fall to review his annual salary, which is currently $505,730, as well as his performance bonus.

In 2016, Hitt was paid an additional $164,475 in a performance bonus calculated on a complex formula based on the school’s enrollment rates and other factors.

In other action, school officials announced tuition for the upcoming 2017-18 year will remain unchanged as they approved a $1.78 billion spending plan.

For an in-state undergraduate student, tuition and fees will stay at $212 per credit hour. That cost will remain at $749 for an out-of-state tuition and fees.

UCF trustees also approved lowering fees for out-of-state graduate students who take online-only courses that will save them nearly $460 per credit hour. Officials had already lowered fees for undergraduates as a way to grow UCF online students across the country.

Hitt’s new contract, which takes effect July 1, also gives him annual deferred compensation equal to 20 percent of his salary, provides a vehicle that’s replaced every three years with non-public money and allows him to live at the Burnett House with groundskeeping, utilities and housekeeping paid for.

A previous financial incentive from his 2013 contract was taken out of the new contract. Hitt was paid $491,000 in 2016 as a retention bonus for staying at the helm for three years.

If he steps down, Hitt could stay on as a tenured faculty member with a $260,000 salary and go on a one-year sabbatical at the faculty salary during the first year. Hitt would be required to pay back any salary he received during his sabbatical if he didn’t stay for at least two consecutive semesters afterward.

During his tenure, the school has grown to have one of the largest student bodies in the country, expanded its research park and added a medical school.

One of his biggest priorities in recent years is underway as the university plans to begin construction on the long-awaited downtown Orlando campus this summer. Officials held a groundbreaking ceremony for the campus, which will also house Valencia College students, last week.

Also at Thursday’s meeting, nearly 10 people spoke out that they were concerned about UCF outsourcing custodians who work the third shift.

“They do important work here,” said Grayson Lanza, 21, a UCF political science graduate student, during public comment. “They deserve better here.”

A look back at the biggest stories and defining moments for Central Florida in 2017.

A look back at the biggest stories and defining moments for Central Florida in 2017.

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A look back at the biggest stories and defining moments for Central Florida in 2017.

A look back at the biggest stories and defining moments for Central Florida in 2017.

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Rabbi Yosef Konikov of the Chabad of South Orlando talks about the importance of Hanukkah during the Menorah lighting ceremony in downtown Winter Garden, Tuesday, December 12, 2017. (Joe Burbank/Orlando Sentinel)

Rabbi Yosef Konikov of the Chabad of South Orlando talks about the importance of Hanukkah during the Menorah lighting ceremony in downtown Winter Garden, Tuesday, December 12, 2017. (Joe Burbank/Orlando Sentinel)

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Plans to add two new theaters to the popular Enzian Theater in Maitland have hit snags, as neighbors have complained about parking and traffic concerns in the area.

Plans to add two new theaters to the popular Enzian Theater in Maitland have hit snags, as neighbors have complained about parking and traffic concerns in the area.

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When winter comes, hundreds of manatees retreat to Blue Spring State Park in Orange City, Florida. Researchers with the Save The Manatee Club take advantage of the migration to gather data on the threatened species.

When winter comes, hundreds of manatees retreat to Blue Spring State Park in Orange City, Florida. Researchers with the Save The Manatee Club take advantage of the migration to gather data on the threatened species.

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More than 40 states ban texting while driving. Florida may finally be ready to join them.

More than 40 states ban texting while driving. Florida may finally be ready to join them.